Better, faster, cheaper: How DeFi will kill the retail bank

[EAA-ALLAH]

The world runs on consumer spending and consumer saving. It is everyday people who actually power the most important parts of the global economy and the global financial system. For consumers, this system runs through their retail bank. It is where most people save, spend and pay their taxes. This is the battleground for the coming fight: the battle for global consumer deposits.Make no mistake, this will be the fight of the century. It will change the shape of the world more fundamentally than the internet has already. The internet was about information. DeFi is about capital — and as we all know, money is power.Today, most people either hate or are indifferent to their bank. That is probably because they fine you for tiny mistakes, keep you on the phone for hours, give you the worst interest rates imaginable, and provide you with a user experience that borders on hostile.That is not always the fault of the bank. Consumer regulation and controls have been mounting to the point that compliance is often one of the biggest cost centers for all retail banks. Such institutions cannot innovate because they are built to resist change, not to embrace it.Source